New Lyft Direct debit Mastercard powered by Payfare

New Lyft Direct Mastercard Debit, supports economic security for drivers with improved payout experience and no-fee bank account offering.

One-third of the U.S. workforce earns at least part of their income through the gig economy. Today, Mastercard announced an expanded partnership with Lyft to bring Lyft drivers the tools they need to thrive in the ever-changing gig economy. Lyft Direct Debit, a new co-branded debit card and bank account issued by Stride Bank and powered by Payfare, strengthens drivers’ economic security with hand-picked benefits, including immediate access to their earnings, secure, no-fee bank accounts and cashback on everyday purchases. The program will first launch in eight U.S. cities, including Atlanta, Denver, Houston, Las Vegas, Los Angeles, San Diego, Tampa, and Washington D.C.

“The growing gig economy creates a particularly challenging yet exciting opportunity for us to leverage our tech infrastructure, digital payments expertise and data-backed insights to help level the playing field for gig workers,” said Sherri Haymond, executive vice president, Digital Partnerships, Mastercard. “We are proud to partner with Lyft to empower drivers with the tools they need to bolster their economic security.”

“Today, we continue to build on our commitment to drivers with the launch of Lyft Direct, part of our broader Lyft Driver Services program, offering drivers accessible financial solutions and savings opportunities,” said Ashwin Raj, vice president, Payments, Lyft. “We are thrilled to work with Mastercard, an industry leader in financial products and a thought leader in financial inclusion, to help drivers with everyday expenses.”

The Lyft Direct program provides tailored benefits with gig workers’ needs in mind, including:

Instant Access to Earnings: Today’s worked need flexible ways of earning more money while choosing their own schedule. To manage their finances, they need immediate access to their earnings.

No-Fee Bank Accounts: Americans pay an average of $163/year in bank fees* and the rising costs of maintaining a bank account disadvantages gig workers. Now, Lyft driver